[miningmx.com] – COAL of Africa, the Johannesburg-listed coal development company, saw cash dwindle to $1.3m at the end of last month from $2.1m on June 30, said BDLive citing the company’s third quarter figures.
David Brown, CEO of CoAL, told the publication that CoAL would consider “cash preservation” mode if funds from a recently approved a two-stage equity raising of up to $64.9m were not received this month.
However, analysts believed the company had done enough to shore up its balance sheet. “The current equity raising should enable CoAL to settle all outstanding liabilities and leave it with several years of working capital,” said Investec Asset Management.
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